Business Opportunities in the Automated Car Industry

Business Opportunities in the Automated Car Industry

The car industry has so much to look forward to in terms of technological advancements in the coming years. As cars become more advanced and fully connected, there are bound to be changes that major players in the industry need to prepare for. And with the rise in the manufacture of autonomous vehicles, more issues need to be addressed.

Right now, car manufacturers, suppliers and technology companies are prepping for the upcoming changes particularly with the recent innovations. Drivers themselves need to be in the know about these advancements to ensure that they can continue to drive safely to their destinations. Unlike in the past, they are in a better position these days as they get to enjoy the digitized features of cars that make driving easier and more convenient.

The autonomous vehicles, although in existence now, will roam the streets in greater number in 10 to 20 years. But while they are still in the works, industry experts say other types of innovations for automobiles are sure to continue.  3

Business Opportunities

As these driverless cars become the norm of the future, business opportunities also abound not only for car manufacturers but also for taxi operators and technology companies. Suppliers of electronics and technology, for instance, are expected to benefit from the strong volume growth in the coming years. In addition, mobility and digital services are also foreseen to gain larger profits in the future.

While major businesses are seen to be the main beneficiaries of these autonomous cars, small businesses can also become an important part of the industry. These include developers of the automotive wireless technology and simulators as well as those involve in prototyping.

Insurance companies would still play a significant role as well as brokers and lawyers. They will be responsible in briefing and assisting individuals and organizations in their pursuit towards meeting and applying the new standards of the driverless car industry. The role of the lawyers will be on providing legal advice and pursuing legal action against erring drivers, said LA car accident lawyer Daniel Gibalevich.  

Another potential business opportunity will be in the construction sector. This is possible as the demand for the driverless cars increase and manufacturers invest in new development and facilities.

Small businesses that provide housing and food can also benefit as the population grows particularly in the car manufacturing facilities. They just have to expand their operations to locations near those facilities to be able to serve the workers there.    

These businesses need not shell out their own money as there are funding opportunities available as the industry grows. One of them is the UM-Smart Mobility Enterprize that provides awards to entrepreneurs and small businesses involved in the “new mobility” sector. The U.S. Department of Energy, for its part, is going to make available more than $1 billion to companies focused on developing these autonomous car technology.

These positive developments should encourage businesses to enter the industry in the near future. What’s important is you do some research first and then plan well how to start and make profit moving forward. There’s plenty of information on the internet these days that can give you a good idea on how to become part of this sector.  

Category Business